Woody Johnson says he was happy with PSL auction
Here is my Tuesday newspaper story, in which Jets owner Woody Johnson reviews the Jets' auction of personal seat licenses.
(Full disclosure: Mrs. WatchDog used to work full time for Johnson and Johnson and currently does some consulting for them, plus, I regularly use the company's fine dental floss products.)
In the story I quote Wharton professor Eric Bradlow, with whom the Jets consulted before deciding to drastically cut the number of auctions.
Prof. Bradlow said cutting back on inventory was a no-brainer. In addition to the obvious benefit of protecting against a fall in prices, Bradlow said the Jets' explanation that they were trying to avoid fan confusion also is legitimate.
Bradlow judged the event a net positive for Gang Green.
"They generated a lot of positive equity, and theyve gotten a lot of attention for this, which is good for their branding,'' he said. "At the end of the day, this is a down economy, a down time, and people understand that."
Johnson said the average price of the 620 PSLs that were auctioned was $26,000. Bradlow said if the number available had not been trimmed, that average might have dropped under $20,000.
Bradlow said the auction followed patterns not unusual and mostly predictable to those who follow such things closely. What will make it an event worth studying for auction experts is the fact it was a first for pro sports.
"The part that was atypical was the product category it was in, and that it had never been done before,'' he said.